In debt but feeling strong!

bluesmurf_2

Hi all,
Story starts 18 months ago when whilst building a block of flats in Richmond London the bloke I was working for ( The Owner ) disappears back to Nigeria leaving me with unpaid builders merchant bills etc to the tune of around £36k.
Two days off due to having no work got out of bed and went back to work to fend for my family ( wife and daughter ).
Had to work 7 days a week for nearly a year and got the debts right down then wham recession.
As I have a big mortgage ( £1300 ) and work starts drying up ( building trade ) had to use credit cards to make ends meet.
Now back up to £24k on cc.
Got 3 loans x 60 months running as well from when I bought my house as was in dire need of a refurb but 1 finishes in april 2010, next in sept 2010 and the last april 2012.
With mortgage, cc's and loans plus everyday expenses am paying out all my self employed earnings to make ends meet.
Decided to sort myself out an IVA with Payplan but said they could do nothing as my wife is at moment on tempory xmas work in the retail trade.
All they will do is send us some letters to send in to our creditors. Whoopy whoop whoop.:mad:
Now been in contact with Debt Free Direct who seem to want to help ( because they will get paid I know! ).
What I am asking for advice on is there any way the cc companys would freeze interest on cards until I paid off my 2 loans next year. ( Owe £4750 on these ). Then could start paying cc off quicker.
Has anyone done this or heard of this or should I go through with the IVA.
At mo paying min payments to cards + 20% = £700 plus the 3 loans=£985 plus mortgage + bills which is leaving me about £200 excess.
Any questions please post as was depending on Payplan to help but now I know I will find friends her ( I HOPE).
Please note I have never signed on the dole in my life and never been out of work, just one of those lucky people who is always busy.
I would love to pay all my creditors back every penny as I never admit defeat but the interest is starting to wear me down.
Have started shouting at home but am really a placid guy and would never hurt my girls at home but after this weekend have finally told myself I need help with these debts as they are slowly getting bigger. Have calmed down instantly once I have admitted this to myself. Any advice welcome.

Charco_2

Debt is is a [EMAIL="b@st@rd"]b@st@rd[/EMAIL]! And even though you know that that is the real cause of your stress and edginess, your girls might not understand or see it that way at the time so it is important to sort this out! And first step is looking for information.

It's a nonsense that Payplan said they couldn't do anything "because your wife blah blah blah... "
If the debts are in your name then it has very little to do with your wife! That said, if you did start an IVA and she did find full-time gainful employment (or even steady part-time), then it would be necessary to recalculate your I&E to take into account the fact that she should be contributing towards some of the household bills!

It can't hurt to speak to your creditors first and try to come to some kind of arrangement - DO NOT TAKE FURTHER DEBT WHICH STRANGELY TO USED TO BE LIKELY TO BE OFFERED! Do not go into a "managed plan" or some other rubbish i've heard banks offer recently (NOT the same as a Debt Management Plan - which i wouldn't recomment either but they do have their uses and some on here swear by them!)

Stick to your guns and ask for reduced or frozen interest to give you a chance to sort this out - explain that you're working every hour God sends to bring in the money!
Mention also that you have been looking into your options with IVAs - which might give them food for thought!

Just because DFD "will get paid" doesn't mean they'll not help you out of a jam - i don't work for them, i don't particularly like them!

You could try looking for answers on here:

http://www.iva.co.uk/forum/

Might be of some help to you.